7 tips for the executor of an estate
Author: Judy Martel
Acting as executor of an estate (also called “personal representative” in some states) doesn’t have to be an overwhelming task if you’re organized.
As the chief administrator, so to speak, the executor is legally responsible for protecting the assets of the decedent, or deceased, until the probate process is completed and the assets are disbursed.
Acting in good faith won’t get you in trouble if the assets in the estate drop in value (with investments, for example), but you could be found liable if you allow assets to be tampered with before the probate process is complete or you sell off assets at fire-sale prices to raise cash.
So it’s important to know that if you are unable or unwilling to serve as executor, you can refuse, and the contingent executor will step in, or the court will name a new one.